The traditional economy has been phased out of advanced countries moving to an internet-first economy managed by the tech industry and digital platform, according to Balaji Srinivasan, a former executive on the Crypto Exchange Coinbase and author of “The Network State.”
“Legacy economy is the sunset in the Internet economy favor,” Srinivasan said in an X Post on Saturday.
He shared a chart that shows the difference -the price varied between the “wonderful -seven” tech stock, enjoying the meteoric growth, and the residue of companies in the S&P 500 index, that there is remained fair Since 2005.
The S&P 500, a major economic benchmark, is a weight stock market index of 500 largest companies through market capitalization listed in the US stock market. Srinivasan said:
“Since the financial crisis in 2008, every transaction and every communication moved online. But, we are still at the foot of the mountain. The next step is the Internet economies, community, city, and presidential. The world becomes the first on the internet.”
Awesome seven with Apple’s and Microsoft’s giant consumer techs, online marketplace Amazon, Google’s parent company, social media and enlarged meta platform companies, high-performance computer The manufacturer of chip nvidiaand de -electrical car manufacturer Tesla.
Srinivasan that -popularized the Concept of network statesDistributed by online communities that he said one day will provide a traditional country-state.
Network states will require Money on the internet-native In the form of cryptocurrencies and represents a pivotal shift in the human story, such as moving from agrarian to the economies of manufacturing during the industrial revolution.
Related: Crypto is not Web 3.0, capitalism 2.0 – Crypto Exec
Out of the old and with the new, blockchain and AI interrupt the legacy system
The financial system of Legacy and State Governments is usually slow to embrace new technologies and often stifle modern technology.
However, regulators and lawmakers in the United States are currently pushing for research, development, and integrating artificial intelligence and technology of blockchain to modernize the financial system.
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) released a joint statement In September is teasing the Shift to 24/7 Capital Markets To speed up the legacy system in crypto, which traded throughout the clock.
The US government also tapped the Oracle Provider Pyth Network and Chainlink to I -publish government -economic data data For added budget transparency and public responsibility.
Magazine: This one thing 6 global crypto hubs all are the same …
